Statutory Audit
Annual statutory audit of company financial statements under the Companies Act, 2013, with the auditor's report and CARO 2020 reporting.
- Estimate Cost
- ₹15,000 – ₹2,00,000
- Typical duration
- 20 days
Service overview
Evaluating whether an organization's financial statements reflect a true and fair view in compliance with the Companies Act and statutory accounting standards.
Who needs it? / When is it needed?
Companies incorporated under the Companies Act, LLP Act, or other governing statutes requiring mandatory annual financial audits.
What to expect from the WCP Professionals
Independent examination of financial books, internal control review, verification of asset/liability balances, and legal compliance checks.
Key deliverables
Statutory audit report, independent auditor's report, audited financial statements, and notes to accounts.
Standard turnaround time
15 to 30 working days.
Government fees, timelines & key outcomes
No government fee for the audit itself; audit fees are agreed with the auditor and approved by shareholders.
- Key statutory points:
- First auditor appointed by the board within 30 days of incorporation
- Auditor appointed at the AGM for five years, intimated in Form ADT-1 within 15 days
- Audited financial statements filed in AOC-4 within 30 days of the AGM
Key outcomes: an independent auditor's report that lenders, investors and tax authorities rely on.
Forms & filings involved
- Independent auditor's report under Section 143 of the Companies Act, 2013
- CARO 2020 report, for companies to which it applies
- Report on internal financial controls, where applicable
- Form ADT-1 for auditor appointment
- AOC-4 filing of audited financial statements
Documents required
Trial balance, general ledgers, bank statements, tax returns, board meeting minutes, and financial schedules.
What we need from you
Complete access to financial books, accounting software, supporting vouchers, and management representation letters.
Important conditions
Subject to the timely provision of complete financial records and management disclosures.
Additional information
Ensures full regulatory compliance, builds investor trust, and is essential for credit evaluations and fundraising.
The estimated cost covers indicative professional fees only. Government fees, stamp duty and taxes are payable at actuals.
How it works
- 1. Raise a service enquiry describing your requirement.
- 2. A Relationship Manager reviews it and opens it for bidding.
- 3. Pay into escrow and assign the professional you select.
- 4. Track progress to completion, then accept and release payment.
Frequently asked questions
Is statutory audit compulsory for small companies?
Yes. Every company, including private and small companies, must get its accounts audited annually by a Chartered Accountant.
How is the statutory auditor appointed?
The board appoints the first auditor within 30 days of incorporation; thereafter shareholders appoint the auditor at the AGM for five years, intimated in Form ADT-1.
What does CARO 2020 require?
Auditors of most companies must report on specified matters such as fixed assets, inventory, loans, statutory dues and fraud.
How long does a statutory audit take?
Typically 2–6 weeks, depending on size and how audit-ready the books are.